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Wanting to finalize a sale before year-end, on December 29, WR Outfitters sold to Bob a...

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Accounting

Wanting to finalize a sale before year-end, on December 29, WROutfitters sold to Bob a warehouse and the land for $213,000. Theappraised fair market value of the warehouse was $101,250, and theappraised value of the land was $119,250. (Do not roundintermediate calculations. Round your answers to the nearest wholedollar amount.)

a. What is Bob’s basis in the warehouse and inthe land?

b. What would be Bob’s basis in the warehouseand in the land if the appraised value of the warehouse is $76,250,and the appraised value of the land is $144,250?

c. Which appraisal would Bob likely prefer?

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